The other day Mr. MMM and I were sipping our morning coffee at a local, trendy shop (we were given a gift card for Xmas :) and discussing our debts and financial goals for 2017. That conversation turned into us wondering about the debts of an average American household. This was speculative, of course, since we are only guessing what the average American household pays each month. We guesstimated that average in America equals a mortgage, possibly a second mortgage or HELOC, two car payments, a pricey cable/Internet bill, credit card debt, and something called Designer Debt. Designer Debt, in our opinion, includes everything from $300/month cable bills to new cars, fancy clothes, expensive vacations, traveling sports teams, high-priced lunches and dinners, and yes, lattes. Spending foolishly and creating Designer Debt allows people to emulate the wealthy by doing the things they do, wearing the things they wear, and driving the cars they drive. It also puts many people in the fast lane on their way to Brokesville!
Now that all the presents have been opened and the holiday ham has been gobbled up, I thought I’d share a typical day in the Mad Money Monster house with our readers. I’ve decided to map out a typical weekday for our frugal little family of 3. This year we have managed to save over half of our income in our quest to flip the bird to corporate America. The daily ingredients just might surprise you!